- Donald Trump has made a series of promises related to Bitcoin and the crypto industry as part of his 2024 presidential campaign, including ending the “crypto crackdown”, creating a regulatory framework for crypto, building a strategic Bitcoin stockpile, and protecting self-custody rights.
- Trump vowed to fire SEC Chair Gary Gensler, who has pursued aggressive enforcement actions against the crypto industry, and promised to commute the sentence of Silk Road founder Ross Ulbricht on his first day in office.
- The former president aims to make the US the “Bitcoin superpower of the world” by boosting domestic Bitcoin mining, opposing a central bank digital currency (CBDC), and potentially using Bitcoin to pay down the national debt.
Former President Donald Trump has made a series of promises related to cryptocurrencies and blockchain technology as part of his 2024 reelection campaign. As cryptocurrencies continue to grow in popularity and adoption, Trump is aiming to appeal to crypto owners and proponents with his stances and pledges.
Trump’s Stance Against the “Crypto Crackdown”
Trump has vowed to end the “unlawful and un-American crypto crackdown” that he claims the Biden administration and SEC Chair Gary Gensler have perpetrated. He has pledged to fire Gensler if reelected, though the SEC Chair’s term runs through 2026. Trump has presented himself as defending the crypto industry from Democrats who he says are “very much against crypto.”
Calls for Friendlier Crypto Regulation
Trump has said he would create a presidential advisory committee on crypto regulation if reelected. Their task would be to design a clear regulatory framework to benefit the crypto industry within 100 days. Trump has suggested crypto startups will struggle without his leadership, and that firms avoiding regulation now would face scrutiny.
Plans to Build Up the U.S. Bitcoin Stockpile
Trump has promised to make the U.S. the “Bitcoin superpower of the world” in part by establishing a strategic Bitcoin reserve. He has proposed the government obtain and hold Bitcoin from criminal seizures and potentially other means.
Promises to Dominate Global Bitcoin Mining
Trump has called for Bitcoin mining to occur exclusively in the U.S. going forward. He claims this would help America remain energy independent, contrasting his stance with Biden. Trump believes a “hatred of Bitcoin only helps America’s adversaries.”
Vows to Protect Crypto Self-Custody
Trump has pledged to always defend the right to self-custody of crypto assets. This aligns with proposed legislation restricting government intervention in self-hosted wallets. Trump says “not your keys, not your crypto” and has vowed crypto will not be “demolished” under his administration.
Opposition to a Central Bank Digital Currency
Trump has firmly stated there will never be a central bank digital currency implemented during his presidency. He has described CBDCs as an “imminent threat to financial privacy” that he would reject entirely if reelected.
Promise to Commute Sentence of Ross Ulbricht
At a Libertarian convention, Trump promised to commute the prison sentence of Ross Ulbricht on day one in office if re-elected. Ulbricht is serving a double life sentence for creating the Silk Road dark web marketplace.
Suggestion to Pay Off National Debt With Bitcoin
Trump has vaguely suggested leveraging Bitcoin holdings to pay off America’s national debt, which sits at around $35 trillion. He has said “maybe we’ll pay off our $35 trillion in debt” by handing creditors “a little crypto check.”
Conclusion
Through these promises and suggestions, Trump is aiming to present himself as the most crypto-friendly candidate in the 2024 election. He is working to appeal to cryptocurrency owners and proponents whose votes could make a difference in the tight race. However, the feasibility and legality of some of Trump’s crypto pledges have been called into question.
